Steemit Crypto Academy Week 12: Homework Post for Crypto professor @pelon53 | TOKENS, PART 2: ERC-20 and ERC-721

temitopef (70)Beginner[1,2,7]in SteemitCryptoAcademy • 3 years ago (edited)

Hello, Steemians. I'm glad to be here again at the Steemit crypto academy to learn from the crypto professors. I've read the lecture from crypto professor @pelon53 where the professor discussed Tokens, Part 2: ERC-20 and ERC-721 and that will enable me to attend the task associated with lecture.

ERC-1155 Tokens

ERC-1155 tokens are digital assets that are being tokenized on the Ethereum blockchain to have an identity of a unique user and with functions as Fungible tokens and Non Funible tokens (NFTs). Generation of ERC-1155 hailed from ERC-721 tokens which is the earliest form of tokens that allow users to tokenize their assets on the Ethereum blockchain to have their identity and value attached to it.

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We first witnessed ERC-1155 tokens in 2017 and it has ever been relevant as it does not only allow users to tokenize their assets but also make it useful as fungible tokens. ERC-1155 tokens is the new standard token deployed on the Ethereum blockchain that allow users to create a token from their digital assets through smart contracts and the tokenized asset can function as a fungible token and non fungible token, making tokenized assets more useful with the extra added feature.

What's special about ERC-1155 tokens

There are a number of special features about ERC-1155 token that differentiates it from ERC-20 and ERC-72 tokens, the list of the special features to be given in the list below.

ERC-1155 tokens is a new standard token on the Ethereum blockchain that takes the tokenization of digital assets to another level.
ERC-1155 tokens function as fungible and non fungible tokens at the same time.
ERC-1155 can work as an ERC-20 and ERC-721, which makes it more active in use.
It acts as a semi-fungible tokens since it's built to act as ERC-20 or ERC-721 and it can be used to make transactions as ERC-20 or ERC-721 tokens under the same identical address.

Benefits of ERC-1155 tokens

Ease of Transaction: There is no need to have separate addresses for both ERC-20 and ERC-721 tokens in transaction since it's a semi fungible token that act as both fungible and non fungible tokens and it can be transacted through the same address, which ever transaction the user is willing to perform (ERC-20 or ERC-721 transaction).
Correction of ERC-721 problem: ERC-721 tokens are used to verify/certify digital assets on the Ethereum blockchain to have their identity to a unique person but in transaction, it can't transfer in whole as it fails to identify tokens to be sent to an address at once, so that transactions are done one after the other. ERC-1155 has filled that hole whereby numerous ERC-1155 tokens can be transferred at a time to the same address.
Unique Smart Contract: ERC-1155 can function as many tokens and also make transactions through a single unique smart contract and in that case, it's also cost effective.

How to verify the amount of ERC-721 tokens available at this time

To get the figures of the ERC-721 tokens available at this time, I will be using the etherscan.io website to check for the information. There are a few steps involved and I will be listing the steps below.

Steps

Go to etherscan.io website.
Click Tokens at the top of the page.
Select Tokens Top Tokens from the list.
We now have this available ERC-721 tokens at this time to be 11,098 tokens.

TRC-20 tokens

TRC-20 tokens are generally referred to as the tokens that belongs to the Tron blockchain which makes them native tokens of the tron blockchain. These tokens are minted on the Tron blockchain and in short, TRC-20 are Tron blockchain-based tokens. TRC-20 tokens are minted through smart contracts on the Tron network and the process leads to individual TRC-20 tokens. There are numerous TRC tokens available and a few examples of TRC-20 tokens are Tron (TRX), Just (JST), Wink (WIN), Tether (USDT), Just Stable coin (USDJ) and so on. TRC-20 tokens have some benefits and that has made them to be widely adopted recently as existing token issuers moved some of their tokens to Tron network thereby having their tokens transactional as TRC-20 tokens to create an avenue for the holders of the tokens to enjoy the benefits of the Tron blockchain.

What's special about TRC-20 tokens?

TRC-20 tokens are highly scalable, that is, a large number of transactions can be handled at a time.
It's a type of token that is triggered by smart contracts and makes interaction with decentralized applications easy.
TRC-20 tokens are known for relatively low transaction fees which makes it cost effective tokens.
TRC-20 transaction speed on the host blockchain (Tron blockchain) is super high and it's approximately 2000 transactions processed per seconds.

How to verify the number of TRC-20 tokens available at this time

To verify the number of TRC-20 tokens available at this time, I will be visiting tronscan.io website. The steps involved will be listed below.

Steps

Go to tronscan.io website.
Click Tokens at the topmost part of the page.
And then, select Token Tracker.
Click on TRC-20 to see the number of TRC-20 tokens available at this time which is 15, 947 TRC-20 tokens.

Conclusion

ERC-1155 tokens has made the full utilization of ERC-20 and ERC-721 achievable as it combined both in a single token triggered by a single unique smart contract, and as well reduces the high transaction cost associated with ERC-721. It has made the tokenization of digital assets (as fungible tokens and non fungible tokens) to a unique user easy and at a reduced cost. TRC-20 tokens comes in with their high scalability, low transaction cost, great transaction speed, smart contracts compatibility and so on that has made it widely adopted. I appreciate crypto professor @pelon53 for teaching us a wonderful lecture like this.

Regards;

Cc: @pelon53

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